Evergrande sells stake in HengTen to ease debt

Evergrande, the world’s most indebted developer, said it would book a loss of HK$8.5bil (RM4.56bil) from selling the 18% stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings holds around a 20% share.

HONG KONG: China Evergrande Group is selling its entire stake in streaming services firm HengTen Network Group to raise US$273.5mil (RM1.14bil), as the cash-strapped developer boosts efforts to avoid a debilitating default on its debts.

Evergrande, the world’s most indebted developer, said it would book a loss of HK$8.5bil (RM4.56bil) from selling the 18% stake in HengTen, in which Chinese gaming and social media giant Tencent Holdings holds around a 20% share.